Many of the magnetostatic/electrostatic field problems encountered in aerospace engineering, such as plasma sheath simulation and ion neutralization process in space, are not confined to finite domain and non-interface problems, but characterized as open boundary and interface problems. Asymptotic boundary conditions (ABC) and immersed finite elements (IFE) are relatively new tools to handle open boundaries and interface problems respectively. Compared with the traditional truncation approach, asymptotic boundary conditions need a much smaller domain to achieve the same accuracy. when regular finite element methods are applied to an interface problem, it is necessary to use a body-fitting mesh in order to obtain the optimal convergence rate. However, immersed finite elements possess the same optimal convergence rate on a Cartesian mesh, which is critical to many applications. This paper applies immersed finite element methods and asymptotic boundary conditions to solve an interface problem arising from electric field simulation in composite materials with open boundary. Numerical examples are provided to demonstrate the high global accuracy of the IFE method with ABC based on Cartesian meshes, especially around both interface and boundary. This algorithm uses a much smaller domain than the truncation approach in order to achieve the same accuracy.